Futures Close Report: 24th April 2017

USDA reported that US Corn planting was 17% complete – ahead of market expectations, Soybeans were put at 6% planted.  US Wheat condition reported at 54% good / excellent.

The European Union’s crop monitoring service slightly increased its forecast for this year’s main grain yields, the MARS service put the average EU soft wheat yield at 6.05 tonnes per hectare (t/ha) against 6.02 t/ha in its initial forecast last month.  Overall comments were focused on dry conditions; it expected some rainfall in central Europe and northern Britain over the coming weeks but warned more would be needed, notably in Germany and Britain, to fully restore soil moisture levels.

In oilseeds, MARS lowered its projection of this year’s rapeseed yield to 3.27 t/ha from 3.29 t/ha, pointing to a cold spell that set in earlier this month raising concern for flowering rapeseed crops. The yield would still be 5.9 percent above last year’s and in line with the five-year average.